CervoMed (NASDAQ:CRVO) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley initiated coverage on shares of CervoMed (NASDAQ:CRVO) in a research note released on Friday morning, Marketbeat reports. The brokerage issued an overweight rating and a $35.00 price objective on the stock.

Other research analysts have also recently issued reports about the company. Canaccord Genuity Group reissued a buy rating and issued a $65.00 price target on shares of CervoMed in a report on Thursday, July 25th. Brookline Capital Management assumed coverage on shares of CervoMed in a report on Monday, July 8th. They issued a buy rating and a $63.00 target price on the stock.

CervoMed Stock Performance

Shares of CRVO stock opened at $14.41 on Friday. CervoMed has a one year low of $4.28 and a one year high of $26.38. The company’s fifty day moving average price is $17.84 and its 200-day moving average price is $17.89.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings results on Tuesday, May 14th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.05. The business had revenue of $2.35 million during the quarter, compared to analysts’ expectations of $2.00 million. Equities research analysts predict that CervoMed will post -1.44 EPS for the current fiscal year.

Institutional Investors Weigh In On CervoMed

A number of hedge funds have recently made changes to their positions in CRVO. Bank of New York Mellon Corp bought a new stake in CervoMed in the second quarter worth $236,000. CWM LLC purchased a new position in shares of CervoMed in the 4th quarter worth $292,000. Crown Advisors Management Inc. bought a new stake in shares of CervoMed in the 1st quarter worth about $2,330,000. Ikarian Capital LLC purchased a new stake in shares of CervoMed during the 1st quarter valued at about $5,530,000. Finally, RA Capital Management L.P. bought a new position in shares of CervoMed in the 1st quarter valued at about $20,075,000. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

CervoMed Company Profile

CervoMed Inc, a biotechnology company, engages in the development and commercialization of treatments for age-related neurologic disorders. Its lead drug candidate is neflamapimod, an orally administered small molecule brain penetrant for the treatment of dementia with Lewy bodies (DLB), Alzheimer's diseases, frontotemporal dementia, and ischemic stroke recovery.